African American
Business Facts
African American families are not prepared for a financial emergency.
- African American families are the least prepared for a financial emergency, with 33% having less than one month of expenses saved.
- Just one in five African American families have set aside money to cover more than six months of expenses.
- African American families are more likely than any other group to carry high debt balances.
- Nearly 70% have credit card debit.
- Almost half are paying student loans.
- 79% say paying down debt is a high priority.
There is a strong need for financial education among African Americans.
- In terms of getting educated about finances, 40% rely on family members for information.
- Two thirds are not confident they are financially prepared for their retirement.
- About one third have an actual plan in place.
- Nearly a third worry they will outlive their retirement savings.
- 6% of African Americans already plan to work part time during retirement.
Source: massmutual.com, “the 2018 State of the American Family Study, Insights from African American Families – Executive Summary,” 2018